Cryptocurrency markets were once again on the move yesterday evening. Investors around the world are keeping an eye on Bitcoin's rebound in value. Starting from the $60,800 region, a strong recovery wave has pushed BTC up nearly 10% to close to the $68,800 resistance. However, given the volatile nature of cryptocurrencies, it remains to be seen how sustainable this rise is.
BITCOIN STARTS TO RISE AGAIN
Bitcoin had dipped below $62,500 in its recent decline, with bulls expecting it to reappear around $60,800. However, it even dipped below the $61,200 level before slowing down. Now, with a rebound from the lows, a new floor has been established around $60,778 and the price has regained upward momentum.
The immediate resistance levels of $63,000 and above $64,000 were crossed and a strong rise was realized. This bullish movement is giving an important signal, even exceeding the 50% Fibonacci retracement level of the decline from $68,898 to $60,778. There was also a break above an important bearish trend line with resistance at $65,000 on the hourly chart of the BTC/USD pair.
Cryptocurrency markets were once again on the move as of yesterday evening. Bitcoin is in the lead again. The eyes of investors around the world are on the recovery trend in Bitcoin's value. Starting from the $60,800 region, a strong recovery wave pushed BTC up nearly 10% to near the $68,800 resistance. However, given the volatile nature of cryptocurrencies, it remains to be seen how sustainable this rise is.
Bitcoin dipped below the $62,500 levels in its recent decline, with bulls expecting it to reappear around $60,800. However, it even dipped below the $61,200 level before slowing down. Now, with a rebound from the lows, a new floor has been established around $60,778 and the price has regained upward momentum.
The immediate resistance levels of $63,000 and above $64,000 were crossed and a strong rise was realized. This bullish movement is giving an important signal, even exceeding the 50% Fibonacci retracement level of the decline from $68,898 to $60,778. There was also a break above an important bearish trend line with resistance at $65,000 on the hourly chart of the BTC/USD pair.
Bitcoin is currently trading above the $64,500 level and is also above the 100-hour Simple Moving Average. It is also above the 76.4% Fibonacci retracement level of the decline between $68,898 and $60,778, indicating the bulls' strength
ETHEREUM INCREASED BY 10 PERCENT
After the recent downtrend, Ethereum has risen from the $3,050 level, driven by bulls. It is currently above $3,500 and above the 100-hour Simple Moving Average, creating a positive market perception.
According to technical analysis, Ethereum broke through the $3,400 resistance level and entered an uptrend. However, if it exceeds $3,550, its uptrend could strengthen further and move towards $3,820 or even the psychological resistance of $4,000.
If the Ethereum price declines, the first support point is around $3,380 and further declines could lead to a drop to $3,050.
Technical indicators suggest that the ETH/USD pair may lose its bullish momentum, but the RSI above 50 suggests that some buying is underway. Key resistance is at $3,550 and the main support is at $3,380.
